Targa Resources Corp. [TRGP] Stock trading around $22.65 per share: What’s Next?

Targa Resources Corp. [NYSE: TRGP] gained 4.96% on the last trading session, reaching $22.65 price per share at the time. The company report on November 17, 2020 that Targa Resources Partners LP Announces Monthly Distribution on Preferred Units.

Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”) (NYSE: NGLS PR A) announced its monthly distribution on the Partnership’s 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Series A Preferred Units”) for November 2020. Per the original terms of the Series A Preferred Units, effective November 1, 2020, distributions on the Series A Preferred Units converted from a fixed rate to an annual floating rate equal to the one-month LIBOR plus a spread of 7.71%.

Targa Resources Partners LP announced that the board of directors of its general partner has declared a monthly cash distribution of $0.1637 per Series A Preferred Unit for November 2020. This cash distribution will be paid December 15, 2020 on all outstanding Series A Preferred Units to holders of record as of the close of business on November 30, 2020.

Targa Resources Corp. represents 233.40 million in outstanding shares, while the company has a total market value of $5.05 billion with the latest information. TRGP stock price has been found in the range of $21.01 to $22.71.

If compared to the average trading volume of 2.73M shares, TRGP reached a trading volume of 2358559 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Targa Resources Corp. [TRGP]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TRGP shares is $24.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TRGP stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Credit Suisse have made an estimate for Targa Resources Corp. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on November 16, 2020. While these analysts kept the previous recommendation, Citigroup raised their target price from $19 to $22. The new note on the price target was released on November 06, 2020, representing the official price target for Targa Resources Corp. stock. Previously, the target price had yet another raise to $18, while Morgan Stanley analysts kept a Overweight rating on TRGP stock.

The Average True Range (ATR) for Targa Resources Corp. is set at 1.11, with the Price to Sales ratio for TRGP stock in the period of the last 12 months amounting to 0.62. The Price to Book ratio for the last quarter was 1.86, with the Price to Cash per share for the same quarter was set at 1.23. Price to Free Cash Flow for TRGP in the course of the last twelve months was 16.37 with Quick ratio for the last quarter at 0.90.

Trading performance analysis for TRGP stock

Targa Resources Corp. [TRGP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 11.91. With this latest performance, TRGP shares gained by 41.39% in over the last four-week period, additionally plugging by 30.47% over the last 6 months – not to mention a drop of -41.97% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TRGP stock in for the last two-week period is set at 78.29, with the RSI for the last a single of trading hit 83.48, and the three-weeks RSI is set at 71.98 for Targa Resources Corp. [TRGP]. The present Moving Average for the last 50 days of trading for this stock 16.49, while it was recorded at 21.00 for the last single week of trading, and 17.96 for the last 200 days.

Targa Resources Corp. [TRGP]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Targa Resources Corp. [TRGP] shares currently have an operating margin of +5.92 and a Gross Margin at +9.16. Targa Resources Corp.’s Net Margin is presently recorded at -2.41.

Return on Total Capital for TRGP is now 3.32, given the latest momentum, and Return on Invested Capital for the company is -1.70. Return on Equity for this stock declined to -3.63, with Return on Assets sitting at -1.11. When it comes to the capital structure of this company, Targa Resources Corp. [TRGP] has a Total Debt to Total Equity ratio set at 151.50. Additionally, TRGP Total Debt to Total Capital is recorded at 60.24, with Total Debt to Total Assets ending up at 39.29. Long-Term Debt to Equity for the company is recorded at 152.16, with the Long-Term Debt to Total Capital now at 57.26.

Reflecting on the efficiency of the workforce at the company, Targa Resources Corp. [TRGP] managed to generate an average of -$78,060 per employee. Receivables Turnover for the company is 10.09 with a Total Asset Turnover recorded at a value of 0.46.Targa Resources Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.00.

Targa Resources Corp. [TRGP]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Targa Resources Corp. posted -0.62/share EPS, while the average EPS was predicted by analysts to be reported at -0.07/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -785.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TRGP.

An analysis of insider ownership at Targa Resources Corp. [TRGP]

There are presently around $4,831 million, or 84.80% of TRGP stock, in the hands of institutional investors. The top three institutional holders of TRGP stocks are: VANGUARD GROUP INC with ownership of 21,844,496, which is approximately -0.276% of the company’s market cap and around 0.20% of the total institutional ownership; TORTOISE CAPITAL ADVISORS, L.L.C., holding 11,250,448 shares of the stock with an approximate value of $254.82 million in TRGP stocks shares; and BLACKROCK INC., currently with $254.43 million in TRGP stock with ownership of nearly -6.032% of the company’s market capitalization.

Positions in Targa Resources Corp. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 159 institutional holders increased their position in Targa Resources Corp. [NYSE:TRGP] by around 24,178,244 shares. Additionally, 184 investors decreased positions by around 17,542,628 shares, while 59 investors held positions by with 171,556,093 shares. The mentioned changes placed institutional holdings at 213,276,965 shares, according to the latest SEC report filing. TRGP stock had 47 new institutional investments in for a total of 2,635,068 shares, while 54 institutional investors sold positions of 1,299,638 shares during the same period.

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